NIGERIAN BANKS SET LIMITS ON POS, ONLINE TRANSACTIONS OVERSEAS

There are strong indications that Banks in Nigeria have set limits on overseas Point of Sale (PoS) and online card transactions.

The Nation learnt that quite a number of lenders, who are struggling to cope with the scarcity of the greenback, have pegged monthly transactions on PoS and online transactions using cards at $100, British Pounds Sterling 90, Euro 130 and Canadian Dollars 360.

This is coming on the heels of a ban on cash withdrawals with Automated Teller Machine (ATM) cards, while in abroad, which is still effective.

As a result of this, travellers now find it difficult to pay their hotel bills, make reservations and other transactions using their debit cards after the policy took effect.

Industry sources said had the lenders not restricted the use of ATM cards abroad, some of them would have been facing hitches meeting the dollar demands of their overseas’ customers.

Such would have exposed the lenders to huge liabilities’ shocks and operational challenges as dollar scarcity persists.